Asiacell bags the first prize in ‘Corporate Finance’ category for its massive IPO

24 Dec 2013

ASIACELL COMMUNICATIONS PJSC, a leading company in the field of mobile telecommunication services, which has over 10.6 million subscribers in Iraq, has received an international award at the ACT Middle East Treasury Awards for the category of "The Corporate Finance" during the 2013 ACT Middle East Annual Conference held on 26th - 27th November 2013 in Dubai. The Association of Corporate Treasurers Middle East (ACTME), the leading body for treasury and finance professionals announced the ACTME Deals of the Year Awards winners at a ceremony during the 4th Middle East Annual Conference. For the treasury community, the region’s primary gathering has brought together over 400 delegates including both experienced professionals and current students to share knowledge and congratulate the winning organizations. In the ceremony, Dr. Diar Ahmed, senior advisor to the Chairman and former CEO of Asiacell, was presented with the 'Corporate Finance' prize for Asiacell's listing on the Iraqi bourse early 2013. The IPO was the biggest in the history of Iraq’s stock market, doubling the size of Iraqi stock exchange. Faruk Mustafa Rasool, Asiacell Chairman, stated, "This award is an important recognition of the Asiacell's IPO. The impact of this IPO is multifold. Not only it doubled the market capitalization of the Iraqi Stock Exchange and enhanced trading liquidity, but it also drew the international investment community's spotlight to Iraq and its promising telecom sector. We thank the ACT Middle east Treasury Awards team and the judges for this recognition, and we look forward to continuing our work to provide state-of-the-art products and services and quality cellular network to our customers." He added, "Asiacell has received in the past valuable awards in different fields and this current winning, will add value to our mission and encourages us to do our utmost in our business. Just to recall the past achievements, Asiacell has won, among many others awards, "The Best Equity Capital Market Deal Award " during the TMT Finance Middle East & North Africa 2013 Conference held in April 23rd in Dubai for its IPO that was recorded as the biggest in MENA since 2008, a move considered not only an achievement for Asiacell, but for the capital market in Iraq."